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Exchanging money
Never mind the pickpockets - it’s at the exchange offices that most foreign visitors lose their money.
Despite the ease and low fees of debit cards used in ATMs, a large number of visitors still relies on exchange offices to get Czech crowns.
In Your Pocket visited some offices in central Prague to see what €100 was worth.
€100=....Kč Exchange venue:
2,858Kč - CNB rate (national bank)*
2,855Kč - Camfex (Vladislavova 16)
2,850Kč - Tesco**
2,770Kč - A-X (Karlova 15)
2,700Kč - Interchange (Karlova 3)
2,700Kč - Interchange (Václavské nám. 29)
2,605Kč - Travelex (Národní 28)
2,578Kč - Travelex (Prague Airport baggage hall)
2,487Kč - Na Příkopě 13
2,483Kč - Chequepoint (Na Příkopě 10)
2,241Kč - ‘Best Rates’ (Václavské nám. 27)
If you’re not so comfortable with all those big numbers in Czech crowns, let us explain the 614Kč difference using another popular Czech commodity, beer.
Simply put, if you change €100 at Camfex, and your mate changes his €100 at 'Best Rates', you can buy 25 half-litre beers with the difference. Alternatively, go to Tesco and buy some chewing gum using your €100 note; you’ll still end up about 600Kč better off. Basically, if you plan to change more than just pocket money, it's cheaper to get a taxi to Camfex.
Ironically, it's partly because of the bad rates offered by these offices that black market racketeers are able to ply their illegal trade in Prague. They are only able to lure tourists away with promises of better rates because of the large gap between the rates these offices have, and the good rates of the recommended offices. You'll find them posted outside the exchange offices with the worst rates. Even if they are honest with their promise of 25Kč to the euro and if they don't give you a stack of Bulgarian leva, they will make a 500Kč profit by taking the €100 bill you just gave them and change it back into crowns at Camfex' rates.
The best rate remains the interbank rate which applies to ATM transactions. Camfex is the only exchange office to post their current rates online (at www.camfexgroup.com), and also gives VISA and Mastercard cash advances with no commission, and at the normal exchange rate.
Tips:
Look for the offices that have the smallest difference between the buying and selling rates for your currency; these offer cash at rates closest to the interbank rate.
Tricks:
‘Great rates’…
... the rates posted outside are usually those for selling Czech crowns, not buying. Even then, attractive buying rates are often only available for amounts above €500 or €1000.
‘0% commission’...
...sometimes only valid for selling Czech crowns.
Wrong currency rate:
Check carefully that they don’t apply the US dollar rate for your euros.
Shortchanging:
Count the money you are given carefully; we’ve been shortchanged twice.
“City map, sir?”
Some exchange offices may ‘give’ you a map that you actually pay 65Kč for.
(Rates valid from 17:00-18:00 on 20-1-06, and after extracting all fees and commissions. *ATMs use the interbank rate which is just below this rate; your home bank may apply charges when using your debit card. **Rate applied when purchasing goods with euro bills.)